America prior to the shift towards Business & Industry
1600s-Civil War
NYC, 1900
NYC, 1900
Made with Carnegie Steel
What late 19th C. Industries do you still see??
I. Monopoly
• Total control of an industry by
one company or person.
• Hurts consumers. Raises prices,
lowers quality of goods.
• Competition is good for the
consumer. WHY??
• 50% or more of one
industry=monopoly.
• Rockefeller and Carnegie use
ruthless methods to form
huge Monopolies.
• Carnegie Steel 1875.
• Standard Oil 1870.
• Both men control more than
50% of their industry.
yellow for coal, orange for ore, and blue for steel scrap
STEEL CITY--PITTSBURGH, Pa
• TRUSTS or Monopolies dominating
AMERICAN BUSINESS -- Oil, Tobacco,
leather, beef, sugar, etc.
• Robber Baron: A person that uses
illegal means to control an
industry and wipe out competition.
III.
J.P.
Morgan
• Buys Carnegie Steel in 1901 for
400 million dollars.
• Combines it with other steel
companies to form U. S. Steel.
• U.S. Steel will become the first
billion dollar company
• SO RICH THAT BANKS
BORROW FROM HIM!!
Cornelius Vanderbilt
IV. Were they Robber Barons or
Captains of Industry?
• Captain of Industry: A person
that creates jobs and helps the
economy of a country.
• Robber Baron: A person that
uses illegal means to control an
industry and wipe out
competition.
II. Oil and Steel
• Benefited from a demand for their steel
and oil
• Supply and demand ?????
• Steel replaced brick and lumber
• By 1900, Carnegie is #1 producer of steel
in world
• Bessemer Process -- eliminates impurities
in iron
• Pittsburgh -- massive steel mills
Henry Ford
• DEC 1, 2010
R.A.W.
• Why are
Monopolies
bad?
• AIM# 29
–What
inventions
helped to
change
America?
TODAY
George Eastman
America prior to the shift towards Business & Industry
1600s-Civil War
NYC, 1900
NYC, 1900
Made with Carnegie Steel
What late 19th C. Industries do you still see??
Henry Ford
Edison
Cornelius Vanderbilt